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Abstract Based on the upper echelons theory and perspective of cognitive differences, this study explores the cognitive conflicts between family members and non-family members after the second generation involvement and the decision-makers in family firms, which have different effects on the firm’s innovation input. Furthermore, the moderating effect on the relationship between differentiation cognition and innovation investment is discussed in this study. Based on the empirical results of the Shanghai and Shenzhen listed family enterprises, it is shown that the cognitive differences between the second generation with family members will promote the innovation investment. But the cognitive differences between the second generation with non-family members may inhibit enterprises’ innovation investment. Meanwhile, second-generation ownership can enhance the promotion effect of cognitive differences with family members on innovation and weaken the inhibition effect of cognitive differences with non-family members on innovation.
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Received: 19 March 2021
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